Moody's rates Doosan Power notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the proposed dollar-denominated backed senior unsecured notes to be issued by Doosan Power Systems SA and guaranteed by the Export-Import Bank of Korea (Kexim).

The proceeds will be used for refinancing and other general corporate purposes, Moody's said.

The rating on the notes is based on Kexim's Aa2 foreign-currency senior unsecured rating because the bank provides an unconditional and irrevocable guarantee on the notes, the agency said.

The guarantee on the notes will rank pari passu with all other present and future unsecured and unsubordinated obligations of Kexim, Moody's said.

Kexim is rated at the same level as Korea's Aa2 rating, the agency said.

Any changes to Kexim's long-term foreign-currency senior unsecured rating would lead to a corresponding change in the rating of the notes, Moody's said.

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